摘要
关键审计事项提炼了财报中已恰当披露的关键信息,这可能增加投资者对风险的感知,进而影响企业的权益资本成本。使用中国A股上市公司2015—2016年的数据,采用PSM-DID方法,研究在审计报告中沟通关键审计事项对企业权益资本成本的影响,研究发现,无论用MPEG、PEG还是OJ模型度量权益资本成本,沟通关键审计事项都会导致企业权益资本成本显著提高,其影响机制为投资者风险感知的增加。进一步分析发现,当企业的关键审计事项更多、规模更小、成长性更高、所处区域市场化进程更低时该影响更大,基于2018年实施的新审计报告准则,以全部A股为样本进行的稳健性检验有效支持了本文研究结论。研究从权益资本成本影响因素的维度完善了资本成本理论,从投资者保护的角度明确了关键审计事项披露的重要性和必要性。
Using data from China’s A-share listed companies from 2015 to 2016,and applying the propensity-score-matching based difference-in-differences(PSM-DID)method,this study investigates how key audit matters,communicated in audit reports,impact the cost of equity capital.The results revealed that,regardless of whether what was applied was the price/earnings to growth ratio(PEG),modified price/earnings to growth ratio(MPEG),or Ohlson and Juettner-Nauroth(OJ)models,key audit matters led to a significant increase in the cost of equity capital through an increase in the perceptions of investor risk.Further analysis revealed that the impact was greater when a firm had more key audit matters to present,as well as when it was a smaller company,had higher growth,or lower regional marketization.Next,robustness testing was conducted using all China’s A-share companies and by referencing the new auditing reporting standards,implemented in 2018.The robustness analysis supported the conclusions of the study.The results supplement the theory of cost of capital in equity capital costs and reiterate the value and necessity of the disclosure of key audit matters from the perspective of investor protection.
作者
徐展
盛思思
顾奋玲
Xu Zhan;Sheng Sisi;Gu Fenling(Accounting School,Capital University of Economics and Business,Beijing 100070,China;Tsinghua University PBC School of Finance,Beijing 100083,China)
出处
《金融经济学研究》
CSSCI
北大核心
2021年第5期133-147,共15页
Financial Economics Research
基金
北京市教育委员会社会科学计划一般项目(SM202110038011)。
